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Exclusive: Urban Company converts into public company

EntrackrEntrackr · 5m ago
Exclusive: Urban Company converts into public company
Medial

Urban Company is preparing for a definitive initial public offering (IPO) this year. The company has taken its first significant step toward going public by converting into a public entity. The board of OfBusiness has approved a resolution to change its status to a public company and rename it from "Urbancalp Technologies India Private Limited" to "Urbanclap Technologies India Limited," according to its regulatory filing. Urban Company reportedly aims to raise Rs 3,000 crore (approximately $350 million) through its IPO and has hired Kotak Mahindra Bank, Goldman Sachs, and Morgan Stanley as its lead managers. It is likely to file draft IPO papers by the end of March. Ahead of the IPO, Prosus is planning to increase its investment in the company. Prosus is reportedly looking to invest $30 million (Rs 250 crore) in a secondary deal, allowing Bessemer Venture Partners to make a partial exit. The Abhiraj Bhal-led company concluded its last ESOP liquidity program in December 2021 at a valuation of $2.8 billion. Last year, it also completed a new buyback at a valuation of approximately $2.2 billion to $2.5 billion. According to startup data intelligence platform TheKredible, Urban Company has raised Rs 3,457.16 crore (more than $450 million) from investors including Tiger Global, Accel, Elevation Capital, and Dharana, among others. Urban Company operates in more than 60 cities across India, the UAE, Singapore, and Saudi Arabia. The company has a partner network of over 55,000 hand-picked service professionals. For the fiscal year ending in March 2024, Urban Company's revenue from operations grew 30% year-on-year to Rs 827 crore from Rs 637 crore in FY23. The Gurugram-based startup also reported a 70% decline in losses to Rs 93 crore in the last fiscal year.

Exclusive: Ecom Express board approves Rs 2,600 Cr IPO

EntrackrEntrackr · 11m ago
Exclusive: Ecom Express board approves Rs 2,600 Cr IPO
Medial

Logistics firm Ecom Express appears close to file draft red herring prospectus as it has received board’s approval for initial public offering worth Rs 2,600 crore via a mix of fresh issue and offer for sale. The board at Ecom Express has passed a special resolution to approve its initial public offer of equity shares amounting to Rs 2,600 crore, which consists of Rs 1,284 crore of fresh issue and Rs 1,316 crore offer for sale, according to the company’s internal documents accessed by Entrackr. As per media reports, the Gurugram-based company already appointed bankers including Kotak Capital, IIFL, Axis Capital, and UBS for the IPO. Ecom Express’ major investors Warburg Pincus and Partners Group are likely to take part in the OFS, said sources. As per data intelligence platform TheKredible, Warburg Pincus is the largest external stakeholder with 48.26% followed by Partners Ground and CDC Group. This is the second attempt by the 13 year-old-firm for public listing. In February 2022, it approved a fundraise of up to Rs 4,860 crore via a public issue of shares. However, the firm put a hold on its IPO plan then. Meanwhile, Ecom Express is also raising Rs 1,424 crore (approximately $172 million) from existing investors via right issue. Since its inception, it has scooped up more than $250 million through equity and debt. Ecom Express claims to provide logistics services in over 2,700 towns and 27,000 pin codes in India. It employs over 50,000 people, and has more than 3,000 facility centers across the country. For the fiscal year ending in March 2023, Ecom Express’ revenue from operations increased by 21.9% to Rs 2,548 crore from Rs 2,090 crore in FY22. The company’s losses rose by 4X to Rs 375 crore in FY23 from Rs 91 crore in the previous fiscal year. It is yet to file its FY24 numbers. Ecom Express will be the second Indian startup from the logistics ecosystem that will be listed on the stock exchange. Its competitor Delhivery went public in May 2022. Flipkart-backed Shadowfax is also planning to raise up to Rs 3,000 crore through public listing.

IPO-bound Captain Fresh to secure debt from Trifecta

EntrackrEntrackr · 2m ago
IPO-bound Captain Fresh to secure debt from Trifecta
Medial

Captain Fresh is set to raise Rs 30 crore in debt funding from Trifecta Ventures ahead of its public listing. The company will issue 3,000 Series B5 non-convertible debentures to Trifecta Ventures Debt Fund for the aforementioned sum, according to its regulatory filings sourced from the Registrar of Companies (RoC). Captain Fresh operates a farm-to-retail platform for animal protein, primarily dealing in fish, seafood, and sheep. It sources directly from farmers and agents, catering to B2B, B2R, and B2B2C segments. This debt infusion comes on the heels of its Rs 250 crore (around $30 million) raise in an ongoing pre-IPO funding round. Financially, Captain Fresh reported a 71% jump in gross revenue (GMV) to Rs 1,395 crore in FY24 from Rs 817 crore in FY23. The company also narrowed its net loss by 22% to Rs 229 crore during the same period. Captain Fresh is preparing to file for its IPO by the end of this year. As per media reports, the company has appointed Axis Capital and BofA as bankers for a proposed IPO worth $350-400 million.

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